Value of protection claims hit a high

In 2023, a record total of £7.43bn (group and individual) was paid out by insurers to support individuals and groups who experienced an injury, illness or a bereavement*.

Insurers paid out a total of £4.85bn in claims to individuals – a 14% increase compared with 2022. The average individual claim went up by 9% to £17,053, with 98% of individual claims resulting in a payout.

The total number of critical illness claims rose by 10% year-on-year, while the total value of these claims increased to £1.2bn – 13% higher than 2022. Cancer continued to be the most common reason for making a critical illness claim.

Having the right protection in place could be a lifeline during difficult times – get in touch for advice today.

As with all insurance policies, conditions and exclusions will apply

*ABI and GRiD, 2024

Image: ©[@prostock-studio] via Canva.com

22 November, 2024

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